Tue, 20 April 2021 | payments technology
Venmo, the online payments platform serving more than 70 million customers, announced the launch of crypto on the app. With crypto on Venmo, customers can view cryptocurrency trends, buy or sell crypto, and access in-app guides and videos to help answer commonly asked questions and learn more about the world of crypto. Customers using crypto on Venmo can choose from four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. When they make transactions, customers can also choose to share their crypto journey with their friends through the Venmo feed.
"Crypto on Venmo is a new way for the Venmo community to start exploring the world of crypto, within the Venmo environment they trust and rely on as a key component of their everyday financial lives," said Darrell Esch, SVP and GM, Venmo. "No matter where you are in your cryptocurrency journey, crypto on Venmo will help our community to learn and explore cryptocurrencies on a trusted platform and directly in the app they know and love. Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have."
According to the 2020 Venmo Customer Behavior Study, more than 30% of Venmo customers have already started purchasing crypto or equities, 20% of which started during the pandemic. With the introduction of crypto on Venmo, the broader Venmo community will now have access to an easy-to-use and intuitive crypto platform to help them take part in the cryptocurrency market.
Crypto on Venmo is enabled through PayPal's partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services. PayPal was also granted a first-of-its-kind conditional Bitlicense by the New York State Department of Financial Services (NYDFS), allowing PayPal and Venmo to offer its customers the ability to buy, sell and hold cryptocurrency.
Crypto on Venmo is starting to roll out today and will be available for all customers directly in the Venmo app within the next few weeks.
Source: PayPal Holdings, Inc.